Monday Minutes: Economic Snapshot
A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.
News / Egypt
Egypt Establishes First Phosphate Company Under Free Zone System
Tarek El Molla, Minister of Petroleum and Mineral Resources, headed the constitutional assembly of Abu Tartour for Phosphoric Acid Production Company, the first phosphate company to operate under the free zone system in El-Wadi El-Gdeed.
TransGlobe Reaches Agreement with EGPC to Merge Eastern Desert Concessions
TransGlobe reached an agreement with the Egyptian General Petroleum Corporation (EGPC) to merge the company’s three existing Eastern Desert concessions into a new modernized concession agreement.
UOG Increases Production by 20% in H2 2020
United Oil & Gas PLC (UOG) increased the average production rate in the Abu Sennan concession for H2 2020 by 20% against H1 2020 to reach 2,370 barrels of oil equivalent per day (bbloe/d).
Centamin Awards Capital Drilling New Contract, Extends Another
Centamin awarded Capital Drilling (Egypt) LLC with a conditional open-pit waste mining services contract for the East wall in addition to expanding and extending its existing drilling contract at Sukari gold mine.
Regas, IDA Ink Deals for Natural Gas Delivery to Industrial Zones in Qena, Sohag
The Industrial Development Authority (IDA) signed cooperation protocols with Gas Region (Regas) to deliver natural gas to four industrial zones in Qena and Sohag.
Afreximbank, AEICORP Sign Egyptian-Brokered Agreement to Boost Energy Cooperation
The African Export-Import Bank (Afreximbank) and Africa Energy Investment Corporation (AEICORP) signed a cooperation agreement to enhance the energy sector.
Cairo Gas Commences Polyethylene Networks Project in Abu Dhabi
Cairo Gas began on a project to extend the polyethylene networks to Etihad Plaza in Abu Dhabi, according to a statement.
Eni Reaches Agreement with Egypt to Restart Damietta LNG Plant
Eni, the Italian giant, has come to an agreement with the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS), and its Union Fenosa Gas (UFG) partner Naturgy to finally re-open the Damietta liquefaction plant in Q1 2021.
Petroleum Trade Deficit Records $421 MM in FY 2019/20
The petroleum trade deficit recorded $421 million by the end of the fiscal year (FY) 2019/20, compared to a surplus of $8.1 million recorded in the previous year.
